TIDMPRU
RNS Number : 3447H
Prudential PLC
24 March 2020
24 March 2020
Update on Covid-19 and current market conditions:
Message from Mike Wells, Group Chief Executive of Prudential
plc
Mike Wells, Group Chief Executive of Prudential plc, said:
"The public health emergency and economic uncertainty created by
Covid-19 means that Prudential's customers, staff and distribution
partners are depending on us now more than ever for their personal
wellbeing and financial security. My message to all of you is
simple: we are here for you, and we continue to support you in
whatever way we can.
"During this period of uncertainty, Prudential, as a business
committed to openness and transparency, will issue regular updates
on our response to the varied effects of Covid-19. In parts of
Asia, our colleagues have been living with this outbreak for
several months and they have been performing heroically, providing
outstanding service to customers in a challenging environment.
Covid-19 has now developed rapidly from a largely regional issue
into a global pandemic. This means we are having to adapt further.
Our teams in the US, the UK and Africa are learning from the
experience of their colleagues in Asia, and I am pleased to report
that our business continuity plans have been executed smoothly.
"Our business continues to be financially resilient. As
previously reported, the risk-based capital ratio (RBC) of Jackson,
our US business, as at 31 December 2019 was 366 per cent and,
despite extreme market volatility since then, Jackson's RBC ratio
is currently estimated to be at a broadly similar level.
"In the same way that Covid-19 is requiring us to think flexibly
about how we deliver for customers, it also requires us to be
flexible in how we execute our corporate strategy. The Board is
unambiguously clear on the strategic priorities for the Group:
firstly, to enable Prudential's investors to benefit to the fullest
extent possible from the opportunity presented by Prudential's
business in Asia; and secondly, to pursue a path for an independent
Jackson, while ensuring that, through a combination of diversifying
its business mix and the necessary strengthening of its standalone
capital position, it retains the strong credit rating that its
current and future customers require.
"At our Half Year 2019 results back in August, we announced an
intention to introduce third-party capital into Jackson. At our
Full Year 2019 results, earlier this month, we stated a preference
for public equity markets as the source of that third-party
capital, through a minority initial public offering (IPO), subject
to market conditions. In light of continued turmoil in public
equity markets, the Board is ensuring that, alongside preparations
for a minority IPO, it continues to actively evaluate other options
in relation to Jackson, driven by the focus and objectives that
underline our strategic priorities.
"While the full consequences of Covid-19 are still emerging,
Prudential has a highly resilient business model and remains well
placed to continue to create value for shareholders, and support
distribution partners and customers. This crisis is impacting
families and individuals in every community we serve across the
world, and all of us at Prudential want those people to know that
we will be there for them now and in the future."
Enquiries:
Media Investors/Analysts
+44 (0)20 3977 +44 (0)20 3977
Jonathan Oliver 9500 Patrick Bowes 9702
+44 (0)20 3977 +44 (0)20 3977
Tom Willetts 9760 William Elderkin 9215
Notes to Editors:
About Prudential plc
Prudential plc is an Asia-led portfolio of businesses focused on
structural growth markets. The business helps individuals to
de-risk their lives and deal with their biggest financial concerns
through life and health insurance, and retirement and asset
management solutions. Prudential plc has 20 million customers and
is listed on stock exchanges in London, Hong Kong, Singapore and
New York. Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of
business is in the United States of America, nor with the
Prudential Assurance Company, a subsidiary of M&G plc, a
company incorporated in the United Kingdom.
About Jackson
Jackson is a leading provider of retirement products for
industry professionals and their clients. The company and its
affiliates offer variable, fixed and fixed index annuities designed
for tax-efficient growth and distribution of retirement income for
retail customers, as well as products for institutional investors.
Jackson is a proud founding member and co-chair of the Alliance for
Lifetime Income, a non-profit 501(c)(6) organisation formed and
supported by 24 of the nation's financial services organisations to
create awareness and educate Americans about the importance of
protected lifetime income. With $297.6 billion in IFRS assets*, the
company prides itself on sound corporate risk management practices
and strategic technology initiatives. Focused on thought leadership
and education, Jackson provides industry insights and financial
representative training on retirement planning and alternative
investment strategies. The company is also dedicated to corporate
philanthropy and supports non-profit organisations focused on
strengthening families and creating economic opportunities in the
communities where its employees live and work. For more
information, visit www.jackson.com .
*Prudential plc's US insurance business has IFRS total assets of
$299.0 billion, of which $297.6 billion relate to Jackson, and
$269.5 billion of IFRS policyholder liabilities (as of 31 December
2019).
Forward-looking statements
This document may contain 'forward-looking statements' with
respect to certain of Prudential's plans and its goals and
expectations relating to its future financial condition,
performance, results, strategy and objectives. Statements that are
not historical facts, including statements about Prudential's
beliefs and expectations and including, without limitation,
statements containing the words 'may', 'will', 'should',
'continue', 'aims', 'estimates', 'projects', 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates', and words of similar
meaning, are forward-looking statements. These statements are based
on plans, estimates and projections as at the time they are made,
and therefore undue reliance should not be placed on them. By their
nature, all forward-looking statements involve risk and
uncertainty.
A number of important factors could cause Prudential's actual
future financial condition or performance or other indicated
results to differ materially from those indicated in any
forward-looking statement. Such factors include, but are not
limited to, future market conditions, including fluctuations in
interest rates and exchange rates, the continuance of a sustained
low-interest rate environment, and the impact of economic
uncertainty, asset valuation impacts from the transition to a lower
carbon economy, inflation and deflation and the performance of
financial markets generally; global political uncertainties; the
policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's new Group-wide supervisor, as well as
new government initiatives generally; the impact of continuing
application of Global Systemically Important Insurer or 'G-SII'
policy measures on Prudential; the impact on Prudential of systemic
risk policy measures adopted by the International Association of
Insurance Supervisors; the impact of competition and fast-paced
technological change; the effect on Prudential's business and
results from, in particular, mortality and morbidity trends, lapse
rates and policy renewal rates; the physical impacts of climate
change and global health crises on Prudential's business and
operations; the timing, impact and other uncertainties of future
acquisitions or combinations within relevant industries; the impact
of internal transformation projects and other strategic actions
failing to meet their objectives; the ability to complete a
minority IPO of Jackson or another third party financing
transaction; the risk that Prudential's operational resilience (or
that of its suppliers and partners) may prove to be inadequate,
including in relation to operational disruption due to external
events; disruption to the availability, confidentiality or
integrity of Prudential's IT, digital systems and data (or those of
its suppliers and partners); any ongoing impact on Prudential of
the demerger of M&G plc; the impact of changes in capital,
solvency standards, accounting standards or relevant regulatory
frameworks, and tax and other legislation and regulations in the
jurisdictions in which Prudential and its affiliates operate; the
impact of legal and regulatory actions, investigations and
disputes; and the impact of not adequately responding to
environmental, social and governance issues. These and other
important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results to differ, possibly materially, from those
anticipated in Prudential's forward-looking statements can be found
under the 'Risk Factors' in Prudential's Full Year 2019 Results
Regulatory News Release. Prudential's Full Year 2019 Results
Regulatory News Release is available on its website at
www.prudentialplc.com .
Any forward-looking statements contained in this document speak
only as of the date on which they are made. Prudential expressly
disclaims any obligation to update any of the forward-looking
statements contained in this document or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure and
Transparency Rules, the Hong Kong Listing Rules, the SGX-ST listing
rules or other applicable laws and regulations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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